[Congressional Record (Bound Edition), Volume 155 (2009), Part 11]
[Senate]
[Pages 15237-15238]
[From the U.S. Government Publishing Office, www.gpo.gov]




      REMOVAL OF INJUNCTION OF SECRECY--TREATY DOCUMENT NO. 111-3

  Mr. REID. Madam President, as in executive session, I ask unanimous 
consent that the injunction of secrecy be removed from the following 
treaty transmitted to the Senate on June 16, 2009, by the President of 
the United States:
  Protocol Amending the Tax Convention with New Zealand, Treaty 
Document 111-3.
  I further ask that the treaty be considered as having been read the 
first time; it be referred, with accompanying papers, to the Committee 
on

[[Page 15238]]

Foreign Relations and ordered to be printed; and that the President's 
message be printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The message of the President is as follows:

To the Senate of the United States:
  I transmit herewith, for the advice and consent of the Senate to its 
ratification, the Protocol Amending the Convention between the United 
States of America and New Zealand for the Avoidance of Double Taxation 
and the Prevention of Fiscal Evasion With Respect to Taxes on Income, 
signed on December 1, 2008, at Washington (the ``proposed Protocol''). 
I also transmit for the information of the Senate the report of the 
Department of State, which includes an Overview of the proposed 
Protocol.
  The proposed Protocol provides for the elimination of withholding 
taxes on certain cross-border direct dividend payments and on cross-
border interest payments to certain financial enterprises. The proposed 
Protocol reduces the existing Convention's 10-percent limit on 
withholding taxes on cross-border payments of royalties to 5 percent.
  The proposed Protocol contains a comprehensive provision designed to 
prevent ``treaty shopping,'' which is the inappropriate use of a tax 
treaty by third-country residents. The proposed Protocol also provides 
for the exchange of information between tax authorities of the two 
countries to facilitate the administration of each country's tax laws.
  I recommend that the Senate give early and favorable consideration to 
the proposed Protocol and give its advice and consent to ratification.
                                                        Barack Obama.  
The White House, June 16, 2009.

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